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Subject:  Re: 5.65% APY @ Countrywide Bank!!! Date:  9/4/2007  1:54 PM
Author:  Wradical Number:  21502 of 36649

Has anyone actually been thru the situation of bank going bad? What happens? Is your money tied up for awhile?
It happened to me a long time ago.

The bank "failed", it was announced, over the weekend,and opened Monday mornging as a subsidiary of the bank that had taken it over.

The FDIC had been orchestrating the thing for some time.
Even if they do end up owning the bank for awhile, the'll end up selling it to some other bank in a very short period of time.

Sometimes they sell "selected assets" to the new bank, which agrees to assume the liability for deposits. And the FDIC ends up holding the REALLY BAD loans.

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